Revisiting Exchange Rate Rules
What distinguishes foreign exchange interventions that are stabilizing from those that are manipulative? In the current no-official-agreed-upon rules environment any country that intervenes and builds up bilateral trade surpluses opens itself to charges of currency manipulation. Emerging market coun...
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| Veröffentlicht in: | IMF economic review 2020-08, Vol.68 (3), p.693-719 |
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| container_title | IMF economic review |
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| creator | Dominguez, Kathryn M. E. |
| description | What distinguishes foreign exchange interventions that are stabilizing from those that are manipulative? In the current no-official-agreed-upon rules environment any country that intervenes and builds up bilateral trade surpluses opens itself to charges of currency manipulation. Emerging market countries are especially susceptible because many of them rely on exchange rate stabilization policies to offset external shocks and facilitate trade. This paper proposes an approach to setting international exchange rate policy rules that discourage currency manipulation as well as spurious allegations of manipulation. It examines how intervention operations work, and demonstrates how counterfactual matching techniques can be used to test for causal links between intervention policies and exchange rate movements. |
| doi_str_mv | 10.1057/s41308-020-00120-6 |
| format | Article |
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| ispartof | IMF economic review, 2020-08, Vol.68 (3), p.693-719 |
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| language | eng |
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| source | PAIS Index; SpringerLink Journals - AutoHoldings |
| subjects | Analysis Capital Markets Economic Policy Economics Economics and Finance Foreign exchange Foreign exchange rates International aspects International Economics International trade Intervention Laws, regulations and rules Macroeconomics/Monetary Economics//Financial Economics Manipulation Monetary policy Money POLICY CORNER Prices and rates Trade surplus |
| title | Revisiting Exchange Rate Rules |
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